EUR/USD Continues Downtrend Within Downward Channel
The EUR/USD 1-hour chart shows that the price is moving within a clear downtrend channel. Currently, the pair is hovering around 1.0359 after a sharp decline and temporary bottom. The EMA 34 and EMA 89 continue to point down, confirming the long-term downtrend.
A key resistance zone is identified in the 1.0375–1.0385 area, and if the price fails to break above this zone, selling pressure will increase. The potential scenario is for the price to retest the bottom at the 1.0330 support zone or even lower to 1.0300 if the bearish momentum is maintained.
I see EUR/USD under pressure from the strength of the USD, reinforced by recent positive US economic data. In the short term, the possibility of a support breakout is still higher than a resistance breakout.
A key resistance zone is identified in the 1.0375–1.0385 area, and if the price fails to break above this zone, selling pressure will increase. The potential scenario is for the price to retest the bottom at the 1.0330 support zone or even lower to 1.0300 if the bearish momentum is maintained.
I see EUR/USD under pressure from the strength of the USD, reinforced by recent positive US economic data. In the short term, the possibility of a support breakout is still higher than a resistance breakout.
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